Question

Marlee mills owns a home in the village of Sheridan with a market value of $46,800. The assessed value of the home is $16,380. At Sheridan's property tax rate of 3.5 cent per $1 assessed value, how much will Danielle pay in property tax?

Answer 1

=> Danielle pay $573.3 in property tax

Step-by-step explanation:

To calculate the property tax of the house, we take the property tax rate multiply by the assessed value of the property.

=> Property tax = Assessed Value x Property Tax Rate

The assessed value estimate the market value for the property, however even when there is large gap between these two, the assessed value is still used to calculate property tax because it is its purpose.

So that Danielle pay in property tax:

Property tax = 16,380 x 3.5 = 57,330 cent = $573.3

=> Danielle pay $573.3 in property tax